Retail Solutions Announces New Credit Facility to Accommodate Rapid Global Growth Facility to Support Global Expansion and Ensure Superior Customer Service
MOUNTAIN VIEW, Calif., Sept. 3, 2013 /PRNewswire/ -- Retail Solutions Inc. (RSi), a global provider of cloud-based, Big Data analytics and real-time intelligence for the consumer-products industry, today announced that it entered into a new credit facility with City National Bank and Bridge Bank. The facility provides for a $16 million revolving line of credit that will be used to support the continued geographic expansion of RSi, enabling the company to better sell, market and support its client base of more than 500 leading Consumer Products Goods (CPG) companies around the world.
Advances in e-commerce, social media, mobile technology adoption and granular demographics are reshaping the retail industry, bringing a surge of new consumer demand signal data to the CPG market. RSi's cloud-based, retail data platform is well positioned to capture the changes that are happening in the retail environment and to become the de facto, next-generation technology solution used by the industry to transform sales data into actionable business intelligence.
"Access to this credit facility will greatly strengthen our capacity to carry out our immediate strategic growth plans," said Peter Rieman, COO of RSi. "Having trusted financial partners such as Bridge Bank and City National Bank, we can make the necessary moves to grow and meet the requirements of our large customer base."
With a reputation for providing innovative banking that serves the entrepreneurial spirit of Silicon Valley, and for crafting flexible financing solutions for its clients, Bridge Bank, along with City National Bank, saw an opportunity to fund the continued growth of RSi. In just a few short years, RSi has grown to serve more than 500 CPG companies, including nine of the top ten global consumer goods companies, and processes data from more than 80 leading retailers in 130 locations worldwide. The company has experienced an enviable 57 months of consecutive increases in monthly recurring revenues and is recognized as one of the fastest-growing private companies in the San Jose metro area.
"We have seen and supported RSi's evolution from its roots in data analytics to a sophisticated, Big Data cloud company with solid customer growth, a strong presence in nine countries, and impressive recurring revenues," said Derek Almeida, vice president and relationship manager in Bridge Bank's Technology Banking Division. "We look forward to our continued partnership and helping RSi get to the next level in its global growth trajectory."
"We are excited to join Bridge Bank in continuing the funding of RSi and the tremendous market opportunity before them," said Rod Werner, Managing Director of Technology and Venture Capital Banking at City National Bank. "RSi's strategy, vision and superior technology platform is democratizing retailer data and forever changing the retailer suppler relationship and the CPG industry as we know it."
About City National Bank
California's premier private and business bank, City National Bank is the wholly owned subsidiary of City National Corporation. It is backed by $27.4 billion in total assets, and provides banking, investment and trust services through 78 offices, including 16 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada, New York City, Nashville and Atlanta. The company and its investment affiliates manage or administer $59.1 billion in client investment assets, including $40.6 billion under direct management.
About Bridge Bank
Bridge Bank, N.A. is Silicon Valley's full-service professional business bank. Recognized by SNL Financial on their 2012's Top 100 Performing Banks with assets between $500 million and $5 billion, and designated "Superior" by BauerFinancial and IDC, Bridge Bank is dedicated to meeting the needs of small- and mid-market businesses from across many industries. The bank's broad range of financial solutions include growth capital, equipment and working capital credit facilities and treasury management solutions, along with a full line of international products and services and financing secured by domestic, government and foreign receivables. Learn more at www.bridgebank.com. Follow us @BridgeBank.
About Retail Solutions Inc.
Retail Solutions Inc. (RSi) is a global provider of Big Data, predictive analytics for the Consumer Packaged Goods (CPG) industry. The company collects and transforms billions of data points on what shoppers are buying every day and makes it insightful and actionable for better tactical and strategic decision-making at the corporate level and in the field. RSi's innovation and competitive edge comes from the science, algorithms and patented technology that power its cloud-based solutions. The RSi platform is trusted by more than 500 global CPG companies including Colgate-Palmolive, ConAgra, Danone, Diageo, Heineken, Kimberly-Clark, Kraft, L'Oreal, Mondelez, Nestle, Procter & Gamble, and Unilever to maximize product availability, uncover new opportunities, and drive sales. To learn more about the company, visit: www.retailsolutions.com.
Vice President, Communications
City National Bank
Ryan A. Barringer, MBA, CFMP
Senior Vice President, Marketing & Brand Strategy
SOURCE Retail Solutions Inc.